Disclaimer – Important

Please read and confirm that you accept the following terms and conditions.

Please read this notice carefully – it applies to all persons who view this website.

The views expressed on this website (the “Site”) represent the subjective opinions of Saba Capital Management, L.P. and certain of its affiliates and controlling persons (collectively, “Saba”), who beneficially own shares of:

1. CQS Natural Resources Growth & Income PLC;

2. Edinburgh Worldwide Investment Trust PLC;

3. European Smaller Companies Trust PLC;

4. Henderson Opportunities Trust PLC;

5. Baillie Gifford US Growth Trust PLC;

6. Herald Investment Trust PLC; and

7. Keystone Positive Change Investment Trust PLC,

(each a “Company” and together, the “Companies”).

These views are based on publicly available information and internally developed theses with respect to each Company. Certain financial information and data used on this Site has been derived or obtained from, without independent verification, publicly available information including public filings with regulatory authorities and from other third-party reports, by each Company or other companies Saba deems relevant. Saba has neither sought nor obtained consent from any third party for the use of previously published information. Any such statements or information should not be viewed as indicating the support of such third party for the views expressed on this Site. This Site contains current market views, opinions, and expectations of Saba based on its historic experience and proprietary research. While Saba believes that the statements contained herein are based on reasonable information and criteria, such statements may also factor in subjective judgement that could materially alter any stated outcome. Saba believes the information contained on this Site is reliable and has been obtained from sources believed to be reliable, but Saba shall not be responsible or have any liability for any misinformation contained in any third-party report or regulatory filing and Saba makes no representation or warranty, expressed or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions obtained. All registered or unregistered service marks, trademarks and trade names referred to on this Site are the property of their respective owners, and Saba’s use on this Site does not imply an affiliation with, or endorsement by, the owners of these service marks, trademarks and trade names.

By downloading from, or viewing material on this Site, you agree to the following terms of use. You agree that use of the research on this Site is at your own risk. You (or any person you are acting as agent for) agree to hold harmless Saba, including but not limited to any principals, officers, directors, employees, members, clients, investors, consultants, advisers and agents, for any direct or indirect losses (including trading losses) attributable to any information on this Site.

You further agree to do your own research and due diligence before making any investment decision with respect to securities of any of the Companies or any other financial instruments that reference the Companies or any securities issued by the Companies.

You represent that you have sufficient investment sophistication to critically assess the information, analysis and opinion on this Site. You further agree that you will not communicate the contents of reports and other materials on this Site to any other person unless that person has agreed to be bound by these terms of use.

If you access this Site, or download or receive the contents of materials on this Site on your own behalf, you agree to and shall be bound by these terms of use. If you access this Site, or download or receive the contents of reports or other materials on this Site as an agent for any other person, you are binding your principal to these same terms of use.

Saba is publishing materials on this Site solely for the information of other shareholders in the Companies. These materials are provided merely for general informational purposes and are not intended to be, nor should they be construed as, without limiting the foregoing, (1) investment, financial, tax or legal advice, or (2) a recommendation to buy, sell or hold any security or other investment, or to pursue any investment style or strategy.

Neither the information nor any opinion contained on the Site constitutes an inducement or offer to purchase or sell or a solicitation of an offer to purchase or sell any securities or other investments in any of the Companies or any other company by Saba in any jurisdiction. Such an offer or solicitation may only be made by delivery of a respective offering document that contains a more detailed description of all the material terms of such an investment, including discussions of certain specific risk factors, conflicts (or potential conflicts) of interest, tax considerations, fees and other matters relevant to prospective investors in the specific fund or investment product.

These materials do not consider the investment objective, financial situation, suitability or the particular need or circumstances of any specific individual who may access or review this Site, and may not be taken as advice on the merits of any investment decision.

Dated content speaks only as of the date indicated. Unless otherwise stated, statements on this Site are made as of the date of issue, and nothing shall create an implication that the information contained on this Site is correct as of any time after such date.

Saba disclaims any obligations to update, modify or amend the data, information or opinions contained on this Site or to notify the market or any other party of any such changes or in the event any data, information or opinions contained on this Site subsequently becomes inaccurate. Saba reserves the right to change all or any portion of the Site at any time as it deems appropriate without notice to you.

This Site contains certain forward-looking statements and information that are based on Saba’s beliefs as well as assumptions made by, and information currently available to, Saba.

If you are in the United Kingdom, you confirm that you are accessing materials on this Site as or on behalf of (i) investment professionals specified in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the “Order”), (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order or (iii) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities of any of the Companies or any member of any of the Companies’ groups may otherwise lawfully be communicated or caused to be communicated.

The distribution of the information, statements or opinions contained on this Site in certain countries may be restricted by law and persons who access it are required to inform themselves and to comply with any such restrictions.

Any performance quoted represents past performance and does not guarantee future results. Any current performance may be lower or higher than any performance information shown on this Site. The investment return and principal value of an investment will fluctuate, so that investments may be worth more or less than their original cost. Any returns of a fund or investment product are presented net of fees, which includes the deduction of expenses (including brokerage commissions, administrative expenses, management fees and accrued performance allocations, if any) and the reinvestment of all dividends, interest, and capital gains, if any. Shares are bought and sold at market price not net asset value (NAV) and are not individually redeemed from a fund or investment product. Market performance is determined using the announcements from each Company which are typically made daily. Brokerage commissions will reduce returns.

Carefully consider a fund’s or investment product’s investment objectives, risk factors, charges and expenses before investing. This and other important information about certain funds or investment products, such as information about such fund’s or investment product’s updated investment program and principal risk factors, is contained in the relevant prospectus or admission documentation. These documents should be read carefully before investing. Note that shares of such funds or investment products are not currently being offered.

Investing involves risk, including possible loss of principal. Past performance is not indicative or a guarantee of future results. All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. Funds and investment products may invest in credit instruments that carry a risk that borrowers may default in the timely payment of principal and interest on their debt, which would likely cause the value of an investment to decrease. Changes in short-term market interest rates will directly affect the yield on funds and investment products that invest in credit instruments. If such rates fall, such fund’s or investment product’s yield will also fall. If interest rate spreads on a fund’s or investment product’s credit investments decline in general, the yield on such fund’s or investment product’s credit investments will fall and the value of the fund’s or investment product’s credit investments may decrease. When short-term market interest rates rise, because of the lag between changes in such short-term rates and the resetting of the floating rates on credit investments in a fund’s or investment product’s portfolio, the impact of rising rates will be delayed to the extent of such lag. Because of the limited secondary market for a portion of a fund’s or investment product’s investments, such fund’s or investment product’s ability to sell some assets in a timely fashion and/or at a favorable price may be limited. An increase in the demand for credit investments may adversely affect the rate of interest payable on new credit investments acquired by a fund or investment product, and it may also increase the price of credit investments purchased by a fund or investment product in the secondary market. A decrease in the demand for credit investments may adversely affect the price of such investments in a fund’s or investment product’s portfolio, which would cause such fund’s or investment product’s NAV to decrease. A fund’s or investment product’s use of leverage through borrowings can adversely affect the yield on an investment in such fund or investment product. Investment in foreign borrowers involves special risks, including potentially less rigorous accounting requirements, differing legal systems and potential political, social and economic adversity. A fund or investment product may engage in currency exchange transactions that seeks to hedge some or all of the economic impact to such fund or investment product arising from foreign currency fluctuations.

Investments in foreign securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Leverage may increase the risk of loss and cause fluctuations in the market value of a fund’s or investment product’s portfolio to have disproportionately large effects or cause the NAV of such fund or investment product generally to decline faster than it would otherwise. Derivatives may be more sensitive to changes in market conditions, amplifying risks. A liquid market may not exist for derivatives held by a fund. High-yield bonds have a higher risk of default or other adverse credit events but have the potential to pay higher earnings over investment grade bonds. The higher risk of default, or the inability of the creditor to repay its debt, is the primary reason for the higher interest rates on high-yield bonds.

Any indices and other financial benchmarks are provided for illustrative purposes only – and do not imply that any fund or investment product will achieve similar performance, returns or volatility or invest in any specific investments that compromise any such index. Comparisons to indices have limitations and material characteristics that may differ from any fund or investment product. Any index information contained on this Site is included merely to show general trends in the markets in the periods indicated, is not meant to imply that these indices are the only relevant indices and is not intended to imply that any portfolio managed by Saba was similar to the index either in composition or element of risk. There is no guarantee that such portfolios will meet or exceed any index. Indices referenced on this Site were selected in good faith, but there is no guarantee that such indices are appropriate or suitable for comparison with any fund’s or investment product’s performance. No assurance is made as to the accuracy of such indices and all information above is subject to revision. In addition, the composition of each of these indices is not under Saba’s control and may change over time in the discretion of the respective provider of such index, which may affect the results of the performance comparisons.

Past performance is not indicative nor a guarantee of future results.

Confirmation of understanding and acceptance

By clicking “Accept” below, you confirm that:

1. You have read and understood the notice set out above and agree to be bound by its terms;

2. You are a resident of or located in the United Kingdom or another jurisdiction where the access to the information on this Site does not constitute a violation of the relevant laws of such jurisdiction;

3. You are not resident of or located in a jurisdiction where the access to the information in this Site by you does constitute a violation of the relevant laws of such jurisdiction (a “Restricted Jurisdiction”) and you are not acting on behalf of someone who is resident or located in a Restricted Jurisdiction; and

4. You will not copy, forward, transfer or distribute the information to any person who is resident or located in a Restricted Jurisdiction.